Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 CBDT signs record number of 125 Advance Pricing Agreements in FY24
 CBDT issues guidelines for selection of cases for scrutiny, focus on tax evasion info by law enforcement agencies, note experts
 CBDT issues Guidelines and Procedure for Compulsory Selection of Income Tax Returns for Complete Scrutiny for FY 2024-2025
 Net direct tax collections exceed 2023-24 target
 Govt kicks off direct tax code revision
 ITR 2024 25 Check tax department s update on TDS and refunds
 Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains
 Income tax exemption: 4 financial instruments you can still invest into before March 31
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?

CBDT to expedite sub-?50,000 tax refunds not selected for scrutiny
December, 08th 2015

If you are waiting for your income tax refund, it may be processed soon. The income tax department has decided to refund all claims of less than ?50,000 at the earliest.

The Central Board of Direct Taxes (CBDT) has asked all field offices to expedite processing of all refund claims involving less than ?50,000, where the income tax returns have not been selected for scrutiny.

“While reviewing the pendency of refunds, the Revenue Secretary has directed that refunds for cases not selected under CASS (Computer Assisted Scrutiny Selection) and involving refund of less than ?50,000 for the assessment years 2013-14 and 2014-15 may be issued as early as possible,” said a recent missive by the CBDT.

“The status of outstanding refunds was reviewed recently…This initiative is expected to significantly reduce taxpayer grievances and enhance the taxpayer satisfaction,” said a Finance Ministry release on Monday.

15 lakh pending claims
Nearly 15 lakh such claims are pending with the income tax authorities at present.

The move, which could involve an outgo of as much as ?5,469 crore, comes at a time when the CBDT may be facing a potential shortfall in direct tax collections.

According to official data, as many as 2.07 lakh returns involving claims of ?659 crore for the assessment year 2013-14 and another 12.90 lakh claims involving ?4,837 crore for assessment year 2014-15 were pending for processing and issue of refunds on November 1, 2015. These cases have also not been selected for scrutiny under the CASS .

Tax refunds tend to impact the net tax collections. Net direct tax collections between April and October 2015 amounted to ?3.44 lakh crore, registering a growth of 13.2 per cent against the corresponding period last fiscal.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting